The present invention is related to the cold rolled steel sheet for making a shadow mask of a cathode ray tube of a color Braun tube for selecting colors and a manufacturing method therefor. Objects of the present invention are to enable production of a cold rolled steel sheet by one-step cold rolling and low-temperature annealing rather than by the conventional two-step cold rolling and decarburization annealing, and to provide a cold rolled steel sheet for a shadow mask and the manufacturing method therefor having better etchability and formability which are required for the material for a shadow mask than those of the conventional cold rolled steel sheets. The manufacturing method of the cold rolled steel sheet of the present invention is comprised of the steps of homogenizing the aluminum killed steel, which is composed in weight % of less than 0.002% of C, 0.20-0.45% of Mn, 0.015-0.020% of S, less than 0.02% of P, less than 0.01% of Si, 0.01-0.03% of Cr, 0.01-0.02% of Al, 0.0010-0.0020% of O, more than 100 of Mn %/C %, in the range of 5-20 of Al %/O%, in the range of 10-30 of Mn %/S %, a balance of Fe, and other unavoidable impurities, in the temperature range of 1,100-1,250.degree. C.; hot rolling in the finish rolling temperature range of 900-950.degree. C.; coiling in the temperature range of 720-750.degree. C.; cold rolling in the reduction ratio range of 75-85%; and low-temperature annealing in the non-recrystallization temperature range of 540-640.degree. C.